According to the S&P Global India Services Purchasing Managers’ Index (PMI), which increased to 58.5 last month from 56.4 in November 2022, the sectors sector in India had a significant increase in new business in December 2022, driven by the finance and insurance services.
According to the survey-based PMI Business Activity Index, which showed the greatest pace of overall growth in Services since mid-2022, new orders for services firms increased for the 17th consecutive month in November. The increase was the sharpest since August 2022.
This spike in input cost inflation hurt consumer services the most, while financial and insurance services companies increased their fees the highest for the second consecutive month.
This news was written by Ms. Pujari Dharani, Research Assistant, All India Legal Forum.